Bitcoin (BTC) bulls appear to be back as the crypto market takes off despite Fed rate hikes and pullback fears. Crypto evangelists, Binance CEO “CZ”, MicroStrategy’s Michael Saylor and Galaxy Investment’s Mike Novogratz were bullish on the crypto market ahead of the FOMC meeting and believed the cut would indeed drive Bitcoin adoption.
Bitcoin Accumulation Rising Amid High Inflation and FUD Pullback
Bitcoin (BTC) price skyrocketed 29% in July, hitting a 2-month high of $24,294 on July 29. The US Fed’s rate hike and negative GDP report did not stop to dampen the market rally due to rising positive sentiment. The Crypto Fear & Greed Index rose to 42 from 11 last month, making Bitcoin attractive above the $20,000 mark.
Binance CEO “CZ” in an interview with CNBC allays fears limiting rising inflation and regression. He believes that Bitcoin (BTC) is bearish above the $20,000 level as the last peak around $20,000 in 2017 acts as a strong psychological barrier.
He said Bitcoin fundamentals are strong, money supply and Nasdaq 100 correlation are all secondary factors. The improving regulatory landscape, rising inflation, and regression talks have contributed to the adoption of Bitcoin.
He logically asserts that the crypto market should improve the opposite of the stock market, but crypto is linked to macro factors these days due to its smaller size. Crypto and equity markets are up despite Fed rate hikes and pullback fears.
“The cryptocurrency market is so small that whenever the big ship fills up or when stock markets crash, people want to hold money. Today, most people who trade cryptocurrencies also trade stocks. So right now it’s positively correlated, which is illogical, but that’s how it is right now.
Bitcoin analyst Willy Woo in a Tweeter July 30 claims Bitcoin accumulation is on the rise. He shared his personal Bitcoin sellout and bear market bottom chart depicting Bitcoin’s historical movements. Bitcoin bulls can drive a rally.
Bitcoin evangelist and CEO of MicroStrategy, Michael Saylor, believes Bitcoin will lead to regulation and streamlining of crypto as adoption continues to rise. In a recent Tweeterhe said:
“This month, the need for bitcoins hit another all-time high.
Bitcoin bullish above the psychological level of $20,000 and 200-WMA at $22.8,000
The price of Bitcoin (BTC) rose this week thanks to the rebound in the crypto market and the stock market. In the past 24 hours, BTC hit a high of $24,294, currently trading at $23,825, down just 1%.
Bitcoin (BTC) price remains bullish above the $20,000 level for longer. During this time, it is important to follow the price trends above the 200-WMA.
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.